According to British Cycling, more than two million people across the country now cycle at least once a week: an all-time high. Perhaps spurred on by Team GB’s cyclists bringing home 18 gold medals at Rio Olympic and Paralympic games, high value, premium bikes are becoming an increasingly common sight on our roads.
And it’s not surprising – they’re a great way to get around; cost-effective, environmentally friendly, and brilliant exercise. Unfortunately, around 376,000 bicycles are stolen each year. That’s roughly one every 90 seconds. Why? They’re easy to steal, easy to sell on, and too many bikes are left unsecured or in unlocked sheds and garages.
A recent survey found that, of victims of bike theft, 66% cycled less and 25% gave up all together. But there’s no need to stop cycling. Invest in decent locks, take care where you leave your bike and most importantly, make sure it’s properly insured.
You can get it covered with a standalone policy, indeed many bike shops may well suggest one when you buy. They may offer a few additional covers such as public liability and personal accident cover. You’ll likely pay slightly more, and if you already have contents cover in place, it makes sense to just add it to that. But it’s important to insure your contents are insured correctly, and a good home contents policy can a provide cover for your bike, home and away: just remember to lock it to a fixed object while unattended!
But don’t make the mistake of thinking your bike is automatically covered by your contents insurance policy, as this isn’t always the case. Some policies will only cover bikes if they’re stolen from your home or a locked garage as standard, so you’ll need an ‘away from home’ extension. You’ll also need to ensure it is correctly specified if it’s over your policy single article limit. And as it’s a high target for theft, your insurer may also look to charge a hefty excess.
So whether you’re zipping around on a brand new racer, or taking to the trails on a specialised mountain bike, you’ll want to make sure it’s correctly covered. A good, ‘all-risks’ contents policy could be the perfect way to do just that and keep you pedalling.
Written by: Tom Biggs-Davison, Client Service Associate, firstname.lastname@example.org